Mihir's Market Matters Report - February 2014

February 2014 Welcome to the February issue of Mihir's Market Matters Report. On the weekend Wiarton Willie predicted 6 more weeks of Winter however I would like to bring in some good news for all of you.  Mortgage rates have declined over the last week and are now expected to remain steady till March break.  BEST RATES AS OF 4th FEBRUARY 2014 Variable Rate: 5 years @ Prime - 0.65 or 2.35% 3 years Fixed @ 2.59% 5 YEARS FIXED @ 3.19% Pre-Approvals: 3.39% FIXED FOR 5 YEARS Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice (Brokerage # 11156) My Motto: Right Advice. First Time, Every Time.   Bank of Canada Interest Rate December 4, 2013 1.00 % January 22, 2014 1.00 % March 5, 2014 Next meeting date Source: Bank of Canada Bank Prime Lending Rate December 5, 2013 3.00 % January 23, 2014 3.00 % March 6, 2014 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate* January 15, 2014 5.34 % January 22, 2014 5.24 % January 29, 2014 5.24 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* December 18, 2013 0.00 % - 0.25 % January 29, 2014 0.00 % - 0.25 % March 19, 2014 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5% Exchange Rate $CDN($US) December 31, 2013 0.9402 January 15, 2014 0.9137 January 29, 2014 0.8946 Source: Bank of Canada Government of Canada Bonds Bond Type December 25, 2013 January 8, 2014 January 22, 2014 1 year Treasury Bill 0.97% 0.98% 0.95% 3 year Benchmark Bond Yield 1.20% 1.20% 1.22% 5 year Benchmark Bond Yield 1.90% 1.90% 1.67% 10 year Benchmark Bond Yield 2.72% 2.72% 2.48% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized)  Source: CMHC Housing Now - January 2013 and January 2014. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets   Source: Canadian Real Estate Association  Quarterly Household Survey Price Index   Source: Royal LePage, January 2014

 

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